For the fifth consecutive year, the global insurance marketplace for mining risks continues to soften. However, in the past six months the rate of reduction has slowed with more resistance to reduced prices.
The latest Mining Market Update features market commentary from the international markets for mining risks, and the key mining hubs of Australia, Canada, Latin America, South Africa, and the US, with in-depth analysis and commentary on current global insurance market conditions for mining risks.
Key findings from the report include:
- Continued ready availability of insurance capacity for mining risks, with very limited exceptions, with new capacity continuing to enter the market.
- Tailings dam exposures remain a focus for underwriters and more technical insurers continue to request additional risk and operational information at renewal time.
- The drivers for reduced insured values are moderating, and this factor may impact the sustainability of the level of rate decline.
- The casualty marketplace continues to stabilise with more moderate declines in international markets and increases for some risks in certain regions, such as the US.